Commercial property management entails overseeing the day-to-day operations and renting of property properties like apartment communities, retail, office, industrial and commercial areas. Property managers, also known as asset managers, earned a median yearly salary of $46,130 in 2008, according to the U.S. Bureau of Labor Statistics, but might earn as much as $102,250 per year.
Building Owners and Managers Association International
The Building Owners and Managers Association International organization, also called BOMI, offers skill-building certification programs geared toward aspiring and novice commercial property managers. These programs include the Real Estate Administrator Certificate (PAC), Facilities Management Certificate (FMC) and Property Management Financial Proficiency (PMFP) certificate. Two-year designation programs for experienced managers include Real Property Administrator (RPA) and Facilities Management Administrator (FMA).
Certified Commercial Investment Member Institute
The Certified Commercial Investment Member Institute delivers a commercial management certification program called a CCIM designation, which includes classes in commercial investment property financial analysis, market analysis, user decision analysis, investment analysis, ethics and discussions. The institute offers additional optional and continuing education classes on topics like managing distressed assets, commercial property taxation and mining the marketplace in the current economy. Students may take classes in class, online and in self-paced home-study modules.
Institute of Real Estate Management
IREM, the Institute of Real Estate Management, offers an Accredited Commercial Manager (ACoM) professional designation program to managers with at least 12 months of career expertise. The program includes classes in ethics, property maintenance and risk management, human resources, financial tools, marketing and leasing. The institute also offers instruction and professional development classes online, in the classroom and through correspondence home study.
Related Training and Experience
Career expertise and instruction in residential property management cultivates skills transferable to a position in commercial management. The National Apartment Association delivers a Certified Apartment Manager (CAM) professional designation program and contains class offerings on line and in classrooms of its local chapters nationwide. Students may earn associate’s, bachelor’s and master’s levels in residential property management through partnerships with 10 U.S. colleges.
Degree Programs
In cases where a candidate does not have the aforementioned training, a bachelor’s or master’s degree in a complementary discipline or field like accounting, business administration, finance, public administration, real estate and liberal arts together with applicable course studies often fulfills requirements to acquire an entry position in commercial management.